Mergers & Acquisitions

Source: SNL

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Deal Overview

Buyer:
Commerce Bancshares, Inc.
Actual Acquirer:
Commerce Bank, NA
Target:
Commerce Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
4/2/2007
Announcement Date:
4/2/2007
Announced Deal Value ($ M):
29.50
Status:
Completed
Completion Date:
7/1/2007
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 29.5

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 335.2 332.0
Price / Tangible Book (%) 335.2 332.0
Price / Earnings (x) 17.8 18.0
Price / Deposits (%) 39.08 36.69
Price / Assets (%) 30.48 28.49
Tangible Book Premium/ Deposits (%) 30.34 27.69
Deal Terms
Description of Consideration

Commerce Bancshares Inc. paid approximately $29.5 million in cash to acquire Commerce Bank.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 15,100
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,300
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 4,900
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes St. Charles Capital LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Blackwell Sanders Peper Martin
Seller Yes Campbell Bohn et al